Palo Alto-Based Oak Co-Leads $47M Round for SmartDrive Systems

Palo Alto, Calif. -- Oak Investment Partners, the Palo Alto-based venture capital firm, said on Tuesday it has co-led a new $47 million round of funding for San Diego-based SmartDrive Systems, developer of a managed service designed to improve driving performance and increase the operating efficiency and safety of fleets. New Enterprise Associates (NEA) also co-led the round, which included participation from new investor Stanford University. The company said it will use the proceeds to accelerate customer adoption, expand channel partnerships and bolster research and development. SmartDrive said its program enables fleets to improve their fuel efficiency by up to 30% and reduce collisions by as much as 80%. The company also has compiled what it calls the world's largest database of risky driving events, including more than 44 million recorded unsafe driving incidents.
http://www.smartdrive.net
http://www.nea.com
http://www.smartdrive.net/pressrelease.aspx?name=Smartdrive-Systems-Secures-47M-In-Venture-Funding